USD/CHF Mid-Day Outlook – Action Forex


Daily Pivots: (S1) 0.8588; (P) 0.8634; (R1) 0.8716; More….

USD/CHF is still capped below 0.8727 resistance and intraday bias stays neutral first. On the upside, above 0.8727 will resume the rebound from 0.8332, and target 61.8% retracement of 0.9243 to 0.8332 at 0.8995. On the downside, break of 0.8550 will turn bias back to the downside for retesting 0.8332 low instead.

In the bigger picture, there is prospect of medium term bottoming at 0.8332 considering possible bullish convergence condition in W MACD, and the support from 0.8317 long term fibonacci support. Sustained trading above 55 D EMA (now at 0.8672) will affirm this case, and bring stronger rise back towards 0.9243 resistance, even as a corrective move.

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